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PIVOT TO THE PERMIAN – Resolute Energy Corp

Resolute Energy Corp · May 21, 2014 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 1
    Energy Corporation Resolute Energy is a regionally diversified growth oriented E&P company focused on long-lived Pivot to the Permian domestic oil producing assets May 21st, 2014
  2. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 2
    Resolute overview Company history Market capitalization1 613.1 million Enterprise value 1.33 billion 2004 Resolute formed Aneth Field: Assets SEC PV102 1.05 billion acquired from 2005 Chevron Texaco Shares…
  3. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 3
    Our operating areas Proved reserves are 88% liquids Areas of operation Proved reserves by area1 Wyoming properties Aneth Field 2014 capital expenditures by area2 properties Permian properties 1. Per 2013 SEC…
  4. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 4
    Permian Basin introduction In Q2 2011 Resolute acquired acreage and began drilling in Reeves County in the Delaware Basin (Reeves County) Resolute subsequently acquired a small producing asset in the Midland Basin (OTB) In December…
  5. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 5
    Permian Basin Transformational asset base 43,000 gross (26,000 net) acres 1 Permian Basin map 66% oil (based on Q1 production) Denton Lynn Garza Kent Yoakum Terry Q1 net production 4,589 Boe per Northwest day Shelf Lea…
  6. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 6
    Permian drilling timeline The James 2 1401H is at TD and waiting on completion in Reeves The Harrison State C20 1401H is at TD and waiting on completion in Reeves Delaware Basin The Renegade 0302BH currently drilling in Reeves…
  7. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 7
    Gardendale stratigraphic column Horizontal zones Current horizontal target is the Lower Clearfork Wolfcamp B Positive offset results 1st Spraberry Positive reservoir characteristics Middle Spraberry Secondary potential targets:…
  8. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 8
    Gardendale overview Successful horizontal program Gardendale Midland Midkiff 1818H 4,700 gross (4,600 net) acres 1 Refining petrophysical models and integrating seismic to refine development scenario Pearl Jam 2417H Wolfcamp B…
  9. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 9
    Gardendale well activity Nearby industry results Gardendale Nearby Wolfcamp B activity 1 24 hr IP rate 30 day IP rate (Boe per day) (Boe per day) Midkiff 1818H 1 Parks Bell 3304H (B. Spraberry) 539 N/A 2 Diamondback ST NW 2501H…
  10. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 10
    Gardendale horizontal wells Type curve and economics, 4,500 lateral1 Gardendale horizontal wells Gross capital 7.0 8.0 million per well 30 day IP 450 700 Boe per day EUR (gross) 350 500 MBoe Btu per Mcf 1,300 Rate of return 2…
  11. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 11
    Reeves County overview Potential horizontal development Reeves County 26,900 gross (13,500 net) acres 1 Average WI 40% Resolute will operate 80% of net Appaloosa resource Transitioned from vertical program to horizontal in 2013…
  12. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 12
    Reeves stratigraphic column Horizontal and vertical potential 3rd Bone Spring 1,450 Wolfcamp reservoir interval Potential for multiple Wolfcamp target horizons Upper Wolfcamp LH Meeker C21 1501H completed in Wolfcamp A The James…
  13. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 13
    Reeves County horizontal activity Resolute horizontal wells Delaware Basin Horizontal well Resolute acreage Resolute James 2 1401H Resolute Harrison State C20 1401H 6 2 7 Resolute Renegade 0302BH Wolfcamp A Resolute…
  14. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 14
    Nearby horizontal activity Offset results1 Well name Zone Reported production rates Lateral length EOG 1 Wolfcamp A One day IP: 2,056 Boe per day 4,500 Phillips State 56 301H Cimarex 2 Wolfcamp B IP 30: 1,816 Boe per day 10,000…
  15. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 15
    Delaware Basin horizontal wells Type curve and economics1 Delaware Basin horizontal wells Gross capital 8.0 9.0 million per well 30 day IP 750 1,250 Boe per day EUR (gross) 500 750 MBoe Btu per Mcf 1,300 Rate of return 2 20%…
  16. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 16
    OTB and Big Spring Area overview OTB and Big Spring 4,300 gross (2,200 net) acres1 Howard 1 mile More than 90% HBP OTB Vertical Wolfberry asset 44 gross (27.1 net) producing Martin wells1 Big Spring Horizontal activity is…
  17. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 17
    OTB and Big Spring vertical Wolfberry Midland Basin Wolfberry development Targeting Mississippian at 10,500 feet through Wolfcamp at 8,500 feet Spraberry Typically a seven stage completion (not including Spraberry) Drill and…
  18. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 18
    Denton Field overview Acquired producing asset in 2013 Denton Field Siluro-Devonian carbonate field discovered in 1949 Highly faulted and fractured anticline Cumulative production through December 2013: 120 MMBoe Some…
  19. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 19
    Horizontal drilling success Resolute-operated wells Demonstrated horizontal drilling success Significant additional horizontal drilling inventory 24 hour IP 30 day IP Boe per Boe per Lateral Frac Percent Producing day 1 day 1…
  20. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 20
    Permian Basin Permian Basin - Quarterly net production Year-end 2013 SEC case: Proved reserves: 19.8 MMBoe 5,000 4,500 4,000 3,500 PV10 297 million Boe per day 3,000 Meaningful drilling opportunities 200 gross (95…
  21. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 21
    Pivot to the Permian Production 2011 2012 2013 Permian Permian 27% Permian 5% Other 1% 99% Other 95% Other 73% Revenue 2011 2012 2013 Permian Permian 32% Permian 5% Other 2% 98% Other 95% Other 68% Reserves…
  22. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 22
    Pivot to the Permian Capex (excluding acquisitions and divestitures) 2011 2012 2013 Permian Permian Permian 8% 32% 45% Other 92% Other Other 68% 55% EBITDA 2011 2012 2013 Permian 41% Permian Permian Other 6% Other…
  23. PIVOT TO THE PERMIAN – Resolute Energy Corp – slide 23
    Permian Basin potential Significant growth from horizontal activity Potential Net resource Surface Low/high Potential wells Basin target potential (MMBoe) locations case zones (gross) (net) (gross) (net) Low 1 166 66 150 45…

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